The Gallery Park master plan, initially set to debut in 2020, currently houses only a few retail shops despite its approval by Mesa City Council. Trammell Crow Residential purchased eight acres for $24M to create a 305-unit community, but this project is now on hold. However, VIVO Development Partners, the Gallery Park owner, insists they are progressing towards the site’s initial vision. The development plans for Gallery Park include various commercial, residential, and hospitality spaces spread across 27 buildings. VIVO is finalizing plans for a Hilton hotel project and will then prioritize developing the central plaza, “GP Main Street.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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